Israeli Prime Minister Benjamin Netanyahu’s speech to Congress was eloquent, moving and intelligent in identifying the problems with the potential nuclear deal with Iran. But when describing the alternative to it, Netanyahu entered never-never land, painting a scenario utterly divorced from reality. Congress joined him on his fantasy ride, rapturously applauding as he spun out one unattainable demand after another.

Netanyahu declared that Washington should reject the current deal, demand that Tehran dismantle almost its entire nuclear program and commit never to restart it. In the world according to Bibi, the Chinese, Russians and Europeans will cheer, tighten sanctions, and increase pressure — which would then lead Iran to capitulate. “Dreams do come true, if only we wish hard enough,” said Peter Pan.

We have some history that can inform us on the more likely course. Between 2003 and 2005, under another practical…